SASCO’s FY15 net profit dives 77% to SAR 19.1 mln

19/01/2016 Argaam Exclusive

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Share Price

Saudi Automotive Services Co. (SASCO)

Saudi Automotive Services Co. (SASCO) said its profit plunged 76.72 percent year-on-year (YoY) to SAR 19.1 million for fiscal year 2015, as the company had liquidated its entire stock portfolio in listed companies and sold its shares in energy company, TAQA, during the year.

Financials (M)

Item	2014	2015	Change‬
Revenues	453.37	665.05	46.7 %
Gross Income	37.27	51.71	38.8 %
Operating Income	8.55	16.42	92.1 %
Net Income	82.05	18.62	(77.3 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	1.37	0.31	(77.3 %)

SASCO, which owns and runs fuel stations and rest houses on highways in the kingdom, posted a net profit of SAR 5.68 million in Q4-2015, an 87.9 percent YoY plunge.

Profit fell 12.35 percent compared to the previous quarter, due to higher banking charges, the sale of its stake in TAQA, and lower revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2014	Q4 2015	Change‬
Revenues	118.46	187.37	58.2 %
Gross Income	6.03	11.12	84.4 %
Operating Income	(2.83)	1.55	154.6 %
Net Income	46.93	5.68	(87.9 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.78	0.09	(87.9 %)

Item	Q3 2015	Q4 2015	Change‬
Revenues	191.60	187.37	(2.2 %)
Gross Income	17.11	11.12	(35.0 %)
Operating Income	7.45	1.55	(79.2 %)
Net Income	6.48	5.68	(12.3 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.11	0.09	(12.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	40.14	43.2 %	4.17	16.7 %	24.93	500.2 %	0.42
Q2 2006	35.09	(1.0 %)	2.14	(59.4 %)	9.45	69.7 %	0.16
Q3 2006	48.36	(6.1 %)	9.60	0.9 %	(23.95)	(119.2 %)	(0.40)
Q4 2006	42.45	11.5 %	1.39	(56.8 %)	(20.19)	(179.2 %)	(0.34)
2006	166.04	8.5 %	17.29	(19.8 %)	(9.77)	(106.1 %)	(0.16)
Q1 2007	39.55	(1.5 %)	5.11	22.5 %	7.04	(71.7 %)	0.12
Q2 2007	41.94	19.5 %	7.69	259.9 %	12.01	27.1 %	0.20
Q3 2007	57.80	19.5 %	10.16	5.9 %	10.18	142.5 %	0.17
Q4 2007	52.43	23.5 %	5.96	330.0 %	4.28	121.2 %	0.07
2007	191.73	15.5 %	28.91	67.2 %	33.51	443.2 %	0.56
Q1 2008	45.26	14.4 %	5.36	5.0 %	5.54	(21.3 %)	0.09
Q2 2008	52.73	25.7 %	8.54	11.0 %	12.45	3.6 %	0.21
Q3 2008	64.72	12.0 %	8.91	(12.2 %)	9.04	(11.2 %)	0.15
Q4 2008	51.61	(1.6 %)	5.61	(5.7 %)	8.48	98.2 %	0.14
2008	214.32	11.8 %	28.42	(1.7 %)	35.51	6.0 %	0.59
Q1 2009	44.25	(2.2 %)	5.53	3.2 %	6.55	18.2 %	0.11
Q2 2009	47.00	(10.9 %)	6.12	(28.4 %)	8.60	(30.9 %)	0.14
Q3 2009	55.74	(13.9 %)	4.04	(54.7 %)	3.34	(63.1 %)	0.06
Q4 2009	43.63	(15.5 %)	1.03	(81.6 %)	13.03	53.7 %	0.22
2009	190.62	(11.1 %)	16.71	(41.2 %)	31.51	(11.3 %)	0.53
Q1 2010	45.44	2.7 %	4.92	(11.0 %)	2.10	(68.0 %)	0.03
Q2 2010	50.64	7.8 %	5.33	(12.9 %)	11.34	31.8 %	0.19
Q3 2010	66.32	19.0 %	9.95	146.5 %	14.51	335.1 %	0.24
Q4 2010	50.71	16.2 %	2.87	178.2 %	8.07	(38.0 %)	0.13
2010	213.11	11.8 %	23.06	38.0 %	36.01	14.3 %	0.60
Q1 2011	49.26	8.4 %	4.70	(4.5 %)	0.59	(71.8 %)	0.01
Q2 2011	59.35	17.2 %	6.41	20.4 %	15.22	34.2 %	0.25
Q3 2011	68.38	3.1 %	6.97	(30.0 %)	6.69	(53.9 %)	0.11
Q4 2011	66.94	32.0 %	4.06	41.3 %	17.57	117.6 %	0.29
2011	243.93	14.5 %	22.13	(4.0 %)	40.07	11.3 %	0.67
Q1 2012	75.00	52.2 %	4.75	1.2 %	25.78	4269.3 %	0.43
Q2 2012	86.85	46.3 %	8.38	30.7 %	9.39	(38.3 %)	0.16
Q3 2012	91.96	34.5 %	7.61	9.2 %	2.39	(64.3 %)	0.04
Q4 2012	91.17	36.2 %	7.26	78.9 %	7.50	(57.3 %)	0.13
2012	344.98	41.4 %	28.00	26.5 %	45.06	12.5 %	0.75
Q1 2013	91.36	21.8 %	7.46	57.0 %	7.90	(69.4 %)	0.13
Q2 2013	98.88	13.8 %	11.42	36.3 %	10.27	9.4 %	0.17
Q3 2013	93.35	1.5 %	9.32	22.5 %	11.08	363.5 %	0.18
Q4 2013	85.32	(6.4 %)	5.88	(19.0 %)	10.56	40.8 %	0.18
2013	368.91	6.9 %	33.06	18.1 %	39.80	(11.7 %)	0.66
Q1 2014	97.98	7.2 %	9.20	23.3 %	7.79	(1.4 %)	0.13
Q2 2014	113.40	14.7 %	12.55	9.9 %	23.06	124.6 %	0.38
Q3 2014	123.57	32.4 %	9.42	1.1 %	3.60	(67.5 %)	0.06
Q4 2014	118.46	38.8 %	6.03	2.6 %	46.93	344.5 %	0.78
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.37
Q1 2015	126.54	29.1 %	10.03	9.0 %	3.23	(58.5 %)	0.05
Q2 2015	159.53	40.7 %	13.45	7.2 %	3.71	(83.9 %)	0.06
Q3 2015	191.60	55.1 %	17.11	81.5 %	6.48	79.8 %	0.11
Q4 2015	187.37	58.2 %	11.12	84.4 %	5.68	(87.9 %)	0.09
2015	665.05	46.7 %	51.71	38.8 %	18.62	(77.3 %)	0.31

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	166.04	8.5 %	17.29	(19.8 %)	(9.77)	(106.1 %)	(0.16)
2007	191.73	15.5 %	28.91	67.2 %	33.51	443.2 %	0.56
2008	214.32	11.8 %	28.42	(1.7 %)	35.51	6.0 %	0.59
2009	190.62	(11.1 %)	16.71	(41.2 %)	31.51	(11.3 %)	0.53
2010	213.11	11.8 %	23.06	38.0 %	36.01	14.3 %	0.60
2011	243.93	14.5 %	22.13	(4.0 %)	40.07	11.3 %	0.67
2012	344.98	41.4 %	28.00	26.5 %	45.06	12.5 %	0.75
2013	368.91	6.9 %	33.06	18.1 %	39.80	(11.7 %)	0.66
2014	453.37	22.9 %	37.27	12.7 %	82.05	106.2 %	1.37
2015	665.05	46.7 %	51.71	38.8 %	18.62	(77.3 %)	0.31

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	13.41 %	15.12 %	109.57 %
Q2 2006	11.54 %	13.42 %	112.15 %
Q3 2006	11.82 %	13.54 %	22.22 %
Q4 2006	10.41 %	12.22 %	(5.88 %)
2006	10.41 %	12.22 %	(5.88 %)
Q1 2007	11.01 %	13.86 %	(16.71 %)
Q2 2007	13.80 %	16.47 %	(14.56 %)
Q3 2007	13.39 %	15.92 %	4.97 %
Q4 2007	15.08 %	17.43 %	17.48 %
2007	15.08 %	17.43 %	17.48 %
Q1 2008	14.77 %	17.02 %	16.21 %
Q2 2008	14.41 %	16.66 %	15.58 %
Q3 2008	13.37 %	15.44 %	14.55 %
Q4 2008	13.26 %	15.30 %	16.57 %
2008	13.26 %	15.30 %	16.57 %
Q1 2009	13.40 %	15.37 %	17.12 %
Q2 2009	12.61 %	14.36 %	15.74 %
Q3 2009	10.72 %	12.28 %	13.58 %
Q4 2009	8.77 %	9.57 %	16.53 %
2009	8.77 %	9.57 %	16.53 %
Q1 2010	8.39 %	8.49 %	14.11 %
Q2 2010	7.83 %	7.36 %	15.24 %
Q3 2010	10.30 %	9.36 %	19.88 %
Q4 2010	10.82 %	9.95 %	16.90 %
2010	10.82 %	9.95 %	16.90 %
Q1 2011	10.53 %	14.11 %	15.91 %
Q2 2011	10.60 %	14.54 %	17.01 %
Q3 2011	9.20 %	6.85 %	13.42 %
Q4 2011	9.07 %	5.22 %	16.43 %
2011	9.07 %	5.22 %	16.43 %
Q1 2012	8.23 %	2.85 %	24.20 %
Q2 2012	8.13 %	0.04 %	20.00 %
Q3 2012	7.73 %	5.04 %	17.19 %
Q4 2012	8.12 %	10.47 %	10.66 %
2012	8.12 %	10.47 %	10.66 %
Q1 2013	8.50 %	9.11 %	5.23 %
Q2 2013	9.04 %	11.13 %	5.30 %
Q3 2013	9.46 %	10.90 %	7.60 %
Q4 2013	9.24 %	6.64 %	8.43 %
2013	8.96 %	6.64 %	8.43 %
Q1 2014	9.54 %	6.93 %	8.25 %
Q2 2014	9.47 %	7.10 %	6.40 %
Q3 2014	8.82 %	6.67 %	4.16 %
Q4 2014	8.21 %	5.97 %	4.40 %
2014	8.22 %	6.01 %	4.56 %
Q1 2015	7.89 %	5.95 %	3.20 %
Q2 2015	7.37 %	5.73 %	3.50 %
Q3 2015	7.82 %	6.22 %	3.58 %
Q4 2015	7.77 %	6.68 %	3.42 %
2015	7.78 %	6.61 %	3.34 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	10.41 %	12.22 %	(5.88 %)
2007	15.08 %	17.43 %	17.48 %
2008	13.26 %	15.30 %	16.57 %
2009	8.77 %	9.57 %	16.53 %
2010	10.82 %	9.95 %	16.90 %
2011	9.07 %	5.22 %	16.43 %
2012	8.12 %	10.47 %	10.66 %
2013	8.96 %	6.64 %	8.43 %
2014	8.22 %	6.01 %	4.56 %
2015	7.78 %	6.61 %	3.34 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	10.39 %	9.37 %	62.11 %
Q2 2006	6.09 %	9.48 %	26.92 %
Q3 2006	19.84 %	22.30 %	(49.51 %)
Q4 2006	3.26 %	5.72 %	(47.57 %)
Q1 2007	12.91 %	16.17 %	17.81 %
Q2 2007	18.34 %	20.91 %	28.63 %
Q3 2007	17.58 %	19.61 %	17.61 %
Q4 2007	11.36 %	13.18 %	8.16 %
Q1 2008	11.84 %	14.53 %	12.25 %
Q2 2008	16.19 %	18.71 %	23.60 %
Q3 2008	13.77 %	15.23 %	13.97 %
Q4 2008	10.88 %	12.57 %	16.43 %
Q1 2009	12.49 %	14.86 %	14.80 %
Q2 2009	13.01 %	14.67 %	18.30 %
Q3 2009	7.24 %	7.95 %	5.98 %
Q4 2009	2.37 %	0.75 %	29.86 %
Q1 2010	10.83 %	10.17 %	4.61 %
Q2 2010	10.52 %	9.87 %	22.38 %
Q3 2010	15.00 %	14.07 %	21.88 %
Q4 2010	5.66 %	4.46 %	15.92 %
Q1 2011	9.53 %	28.48 %	1.20 %
Q2 2011	10.80 %	12.10 %	25.64 %
Q3 2011	10.19 %	(11.50 %)	9.78 %
Q4 2011	6.06 %	(0.91 %)	26.25 %
Q1 2012	6.34 %	11.97 %	34.37 %
Q2 2012	9.65 %	(0.45 %)	10.81 %
Q3 2012	8.27 %	8.91 %	2.60 %
Q4 2012	7.96 %	21.20 %	(0.85 %)
Q1 2013	8.17 %	6.34 %	8.64 %
Q2 2013	11.55 %	8.34 %	10.39 %
Q3 2013	9.98 %	8.02 %	11.87 %
Q4 2013	6.89 %	3.47 %	2.18 %
Q1 2014	9.39 %	7.48 %	7.95 %
Q2 2014	11.07 %	8.74 %	3.74 %
Q3 2014	7.63 %	6.35 %	2.91 %
Q4 2014	5.09 %	1.69 %	3.65 %
Q1 2015	7.93 %	7.06 %	2.55 %
Q2 2015	8.43 %	7.20 %	4.60 %
Q3 2015	8.93 %	7.65 %	3.38 %
Q4 2015	5.93 %	4.99 %	3.03 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	60.00	3.02	3.02	8.32
Q2 2006	60.00	3.08	3.08	8.47
Q3 2006	60.00	0.60	0.60	8.07
Q4 2006	60.00	(0.16)	(0.16)	6.22
Q1 2007	60.00	(0.46)	(0.46)	6.29
Q2 2007	60.00	(0.42)	(0.42)	6.45
Q3 2007	60.00	0.15	0.15	6.73
Q4 2007	60.00	0.56	0.56	7.03
Q1 2008	60.00	0.53	0.53	6.74
Q2 2008	60.00	0.54	0.54	7.78
Q3 2008	60.00	0.52	0.52	7.80
Q4 2008	60.00	0.59	0.59	6.88
Q1 2009	60.00	0.61	0.61	7.01
Q2 2009	60.00	0.54	0.54	7.45
Q3 2009	60.00	0.45	0.45	7.67
Q4 2009	60.00	0.53	0.53	8.32
Q1 2010	60.00	0.45	0.45	8.42
Q2 2010	60.00	0.50	0.50	8.50
Q3 2010	60.00	0.68	0.68	9.07
Q4 2010	60.00	0.60	0.60	8.55
Q1 2011	60.00	0.58	0.58	8.68
Q2 2011	60.00	0.64	0.64	8.93
Q3 2011	60.00	0.51	0.51	8.82
Q4 2011	60.00	0.67	0.67	9.07
Q1 2012	60.00	1.09	1.09	9.19
Q2 2012	60.00	0.99	0.99	9.17
Q3 2012	60.00	0.92	0.92	9.24
Q4 2012	60.00	0.75	0.61	11.57
Q1 2013	60.00	0.45	0.32	11.59
Q2 2013	60.00	0.47	0.33	11.53
Q3 2013	60.00	0.61	0.47	11.79
Q4 2013	60.00	0.66	0.52	12.14
Q1 2014	60.00	0.66	0.52	12.37
Q2 2014	60.00	0.87	0.42	12.43
Q3 2014	60.00	0.75	0.29	11.93
Q4 2014	60.00	1.36	0.33	12.10
Q1 2015	60.00	1.28	0.26	12.16
Q2 2015	60.00	0.96	0.31	12.22
Q3 2015	60.00	1.01	0.36	12.18
Q4 2015	60.00	0.32	0.38	12.21

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	60.00	(0.16)	(0.16)	6.22
2007	60.00	0.56	0.56	7.03
2008	60.00	0.59	0.59	6.88
2009	60.00	0.53	0.53	8.32
2010	60.00	0.60	0.60	8.55
2011	60.00	0.67	0.67	9.07
2012	60.00	0.75	0.61	11.57
2013	60.00	0.66	0.52	12.14
2014	60.00	1.37	0.34	12.10
2015	60.00	0.31	0.37	12.21

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	13.13	13.13	4.76
Q2 2006	14.26	14.26	5.18
Q3 2006	More than 50	More than 50	7.41
Q4 2006	NEG	NEG	3.01
Q1 2007	NEG	NEG	2.69
Q2 2007	NEG	NEG	2.01
Q3 2007	More than 50	More than 50	2.60
Q4 2007	34.49	34.49	2.74
Q1 2008	24.29	24.29	1.92
Q2 2008	23.30	23.30	1.62
Q3 2008	18.63	18.63	1.25
Q4 2008	14.06	14.06	1.21
Q1 2009	13.90	13.90	1.21
Q2 2009	19.38	19.38	1.42
Q3 2009	23.54	23.54	1.38
Q4 2009	18.37	18.37	1.16
Q1 2010	21.24	21.24	1.14
Q2 2010	17.40	17.40	1.02
Q3 2010	12.86	12.86	0.97
Q4 2010	15.71	15.71	1.10
Q1 2011	16.08	16.08	1.07
Q2 2011	15.69	15.69	1.12
Q3 2011	20.28	20.28	1.17
Q4 2011	17.19	17.19	1.27
Q1 2012	15.39	15.39	1.82
Q2 2012	11.49	11.49	1.24
Q3 2012	14.54	14.54	1.45
Q4 2012	16.78	20.55	1.09
Q1 2013	40.54	More than 50	1.58
Q2 2013	33.11	46.95	1.34
Q3 2013	24.51	31.63	1.27
Q4 2013	25.56	32.71	1.40
Q1 2014	30.03	38.46	1.61
Q2 2014	23.84	More than 50	1.68
Q3 2014	30.93	More than 50	1.94
Q4 2014	12.94	More than 50	1.45
Q1 2015	16.03	More than 50	1.69
Q2 2015	29.80	More than 50	2.34
Q3 2015	18.99	More than 50	1.57
Q4 2015	More than 50	More than 50	1.64

Period	P/E	Adjusted P/E	Price/book
2006	NEG	NEG	3.01
2007	34.49	34.49	2.74
2008	14.06	14.06	1.21
2009	18.37	18.37	1.16
2010	15.71	15.71	1.10
2011	17.19	17.19	1.27
2012	16.78	20.55	1.09
2013	25.57	32.71	1.40
2014	12.83	More than 50	1.45
2015	More than 50	More than 50	1.64

Business Segments (Million)

Compared With The

Period	The retail sector and operation (stations and Breathers)	Transportation Fleet	Saudi Autombile and Touring Association - SATA	investment sector	Consolidation adjustments & eliminations
Q3 2012	80.90	1.70	5.65	5.78	(2.06)
Q4 2012	78.36	1.85	6.17	14.58	(9.79)
Q1 2013	81.91	2.21	3.02	12.09	(7.87)
Q2 2013	96.14	-	9.17	-	7.87
Q3 2013	85.51	6.82	7.82	-	(6.81)
Q4 2013	81.32	2.12	4.67	-	(2.79)
Q1 2014	94.51	2.41	3.64	-	(2.57)
Q2 2014	104.35	2.69	9.23	-	(2.87)
Q3 2014	117.00	2.73	6.76	-	(2.92)
Q4 2014	114.97	2.44	3.56	-	(2.54)
Q1 2015	123.27	2.78	3.42	-	(2.92)
Q2 2015	155.78	3.84	3.76	-	(3.84)
Q3 2015	183.13	4.42	8.45	-	(4.40)
Q4 2015	183.06	4.30	4.66	-	(4.64)

Period	The retail sector and operation (stations and Breathers)	Transportation Fleet	Saudi Autombile and Touring Association - SATA	investment sector	Consolidation adjustments & eliminations
2009	170.45	-	20.17	-	-
2010	188.84	-	24.27	-	-
2011	227.22	-	16.72	-	-
2012	300.77	6.51	22.79	53.72	(38.81)
2013	344.88	8.94	24.68	-	(9.60)
2014	430.83	10.26	23.18	-	(10.91)
2015	645.23	15.33	20.29	-	(15.81)

Financial Ratios

	Current
Market Cap (M Riyal)	4,620.00
Enterprise Value (EV) (M)	5,950.91
Shares Outstanding ((M))	60.00
EPS ( Riyal) (TTM)	1.69
Book Value (BV) ( Riyal)	14.79
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 50
P/E (TTM)	45.55
Price/book	5.21
Return on Average Assets (%) (TTM)	1.7
Return on Average Equity (%) (TTM)	11.8

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SASCO’s FY15 net profit dives 77% to SAR 19.1 mln

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Share Price

Saudi Automotive Services Co. (SASCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2015 Q4

Financial Ratios

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SASCO’s FY15 net profit dives 77% to SAR 19.1 mln

View other reports

Share Price

Saudi Automotive Services Co. (SASCO)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2015

Revenue by Business Segment (Latest) 2015 Q4

Financial Ratios

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Business Segments (Million)